Contingent Liabilities Video Lessons

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Problem: Under what condition should a pending lawsuit be recognized as a liability on a company's balance sheet? a) The outcome is reasonably possible. b) The outcome is probable. c) The amount can be reasonably estimated. d) Both B and C.

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Under what condition should a pending lawsuit be recognized as a liability on a company's balance sheet?

a) The outcome is reasonably possible.

b) The outcome is probable.

c) The amount can be reasonably estimated.

d) Both B and C.

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